The Marketing Plan
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Transcript of The Marketing Plan
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The Marketing Plan
Strategic Planning
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The Marketing Plan1. Mission Statement2. Situation Analysis3. Objectives4. Target Market and Positioning5. Marketing Strategy
a) Productb) Pricec) Placed) Promotion
6. Timetable for Implementation7. Evaluate Performance
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Step 1: Mission Statement
• Answers the following:– What type of business are we?– What business are we in?– What do we need to do to accomplish our goals
• Not too broad, not too narrow• Focuses on markets rather than on offering
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Step 1: Mission Statement Examples
• DunkinDonuts: to lead and build great brands• Starbucks: aims to inspire and nurture the
human spirit – one person, one cup and one neighborhood at a time
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Step 2: Situation Analysis
2a. SWOT Analysis+ Strengths- Weaknesses
+ Opportunities- Threats
InternalYou control
ExternalYou don’t control
Identify firm’sCompetitiveAdvantage
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Step 2a: SWOT Analysis
• Evaluate company and product• Consider: costs, skills, financial resources,
brand image, technology available, HR, and the External Environment
• Industry analysis CDSTEP– Culture, competition, demographics, social,
technology, economic and political/legal
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Step 2b: Industry Analysis
• Culture• Competition• Demographics• Technology• Economic• Political/Legal
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Culture
• Shared meanings, beliefs, values, customs• Country• Regional• Subcultures or Lifestyles
• ie. snowboarders, skateboarders, grunge, so called urban tribes, etc.
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Competition
• Who• Sales – competition and the category• Market share• Positioning in market vs. you• Direct and indirect competion
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Demographics
• Generational Cohorts– Seniors– Baby Boomers– Gen Y– Teens– Tweens
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Tweens Teens Gen Y Gen X BabyBoomers
Seniors
Age 8-12 13-17 18-33 34-47 48-66 67+
Population 20 M 25M 60M 40M 75M 39M
Spending $50B$150B parents
$58B $200B $50B on grandkids
Information AttitudeAccess to InfoSophisticated past ageHome Decor
ConnectedShopping is a social sportShop in storesClothes/shoesAccesories
Emphasize balancing work and liveInquisitiveDiverseOpinionatedMultitaskersBrand engagement
“latchkey kids”IndependentResilientAdaptableCautionsSkeptical/cynic80% use social mediaMass merchandisers
AffluentExperiencedFlexiblePostpone retirementYouth obsessedNot loyalQuality
Time to shopComplainMoneyBrowse b4 buyLoyalQualityValue
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Ethnicity/Race• Hispanics
– $1.5T purchasing power– Will be 33% of population– 60% Mexican– Non homogeneous group
• African-Americans– $1.2T purchasing power– Youngest group– Radio friendly– 30% of HH led by single women
• Asian-Americans– $775B purchasing power– Highest family income & education– Adopt latest gadgets
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Social Trends
• Prince Sensitivity• Health and Wellness• Green consumers• Time poor society• Privacy concerns• Component Lifestyles• Changing gender roles
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Technology
• “Weisure” Time– Smartphones/tablets are leading people to work
during playtime• Technology advancements– Constant Internet access– “ubiquitous” computing and shopping– Mobile coupons and boarding passes– Barcode scanning– RFID for tracking
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Economic
• Inflation• Recession• Income• Purchasing Power
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Political/Legal
• Federal Regulation• State Laws• Government Regulatory Agencies– FDA– FTC– CSPC
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Step 3: Objectives
• What is to be accomplished– Realistic– Measurable– Time Specific– Compared to a benchmark
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Target Market and Positioning
• Need to choose which customers you will serve
• Break the market into segments– Groups with different wants, needs, characteristics
• Can target more than one segment
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Segmentation Illustrated
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Step 4: Target Market and Positioning
• Positioning– How do you want customers to see you?• Luxury• Cheap• Quality• Convenient, etc.
– Turn the product attributes into benefits matched to the Target Market
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Step 5: Marketing Mix
• Product• Price• Place• Promotion
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Step 6: Timetable
• You have objectives• You have a plan• Need a schedule of the – What– When– Whom
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Step 7: Evaluate
• Are you on target to accomplish your objectives?– WHAT will you measure WHEN with what METRIC?– Next Steps– Evaluate your position periodically• Growth Strategies
– Market Penetration– Product Development– Market Development– Diversification